Cape aircraft plant said to be 'done deal'

Business Today

Although some particulars must be resolved between the city and state, Renaissance Aircraft expects to break ground in late summer or early fall on its new production plant at Cape Girardeau Regional Airport.

"It's a done deal right now," John Dearden, the company's president, said in mid-June at a meeting of the city's Airport Advisory Board.

Dearden said the $1.2 million, 60,000-square-foot facility would be completed within four months following the start of construction. The company plans to produce the Renaissance 8F, a two-seat plane that will be marketed to recreational pilots.

The company expects to employ more than 200 workers in Cape Girardeau within two years, Dearden said.

The city plans to sell $2.1 million in bonds to cover construction costs and infrastructure improvements at the airport. Renaissance would pay back the bonds over 20 years. The Missouri Department of Economic Development has committed a grant of nearly $480,000 to assist the city with infrastructure upgrades.

Airport manager Bruce Loy said a disagreement over the wording of a state document related to the funding component is holding up the project. However, Loy said the setback is temporary.

"There are some major issues with that that wouldn't allow us to issue the bonds," Loy said. "But we are convinced it is going to be resolved. It's just a language issue." Loy said other minor matters must be worked out with the city and the Federal Aviation Administration.

The company already is storing production equipment near the airport, and makeshift facilities have been secured for use during construction of the building.

"We intend to be rolling into production even before the main facility is completed," Dearden said.

Each plane will cost between $75,000 and $100,000, depending on the features and options requested by the customer. Dearden said a dozen orders already have been placed, even though the company hasn't started advertising or actively seeking buyers.